Reflecting on the 2012 Election, I came away wondering why no candidate focused on the elephant in the room that has crushed our economy: Debt. The housing, consumer, and now student loan debt that Americans have taken on is unsustainable. Jobs and Poverty were both topics that were danced with but we can’t address either without talking about our collective debt and how it is imploding our economy.
Talk of jobs was prolific with little substance or real solutions. Meanwhile QE3 (quantitative easing 3) was unleashed on the American economy by Ben Bernanke to the tune of $40 billion a month from the US treasury. To put this number in perspective, the War in Afghanistan is costing two billion dollars per month. Imagine saddling Americans with the cost of 20 Afghan wars every single month. QE3 goes directly to the Wall Street banks that created this collapse, while blaming Americans who “bought more house than they could afford.” When 1200 square foot houses in rural Oregon were going for a quarter of a million dollars, families didn’t buy too much house.